Jim Rickards posted...
The debate about whether bitcoin is a bubble, a fraud, or the greatest financial
innovation since the ATM too often degenerates into shouting and name-calling.
The bitcoin detractors say bitcoin buyers are relying on the “greater fool” theory
of investing. That’s when you pay a high price for something of little value in the
hope that some greater fool comes along and takes it off your hands at an even more
ridiculous price. Bitcoin supporters shoot back by saying the critics are technophobes
and Neanderthals who don’t understand the brilliance of the blockchain and how it is
the wave of the future. (By the way, it’s typical for bitcoin boosters to pivot away
from the currency to the technology. In fact, they’re two very different things.
The blockchain has a future; bitcoin does not). Such tendentious sparring is
unproductive and unenlightening. What’s needed is a more scientific basis for
judging bitcoin. This article provides that kind of scientific analysis:
https://www.bloomberg.com/news/articles ... apocalypse
The Greater Fool
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